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Residential Land Values and the Decentralization of Jobs

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  • Clapp, John M
  • Rodriguez, Mauricio
  • Pace, R Kelley

Abstract

The land-value surface in suburban Washington, D.C., changed dramatically over the decade of the 1980s. This article explains these changes in terms of the decentralization of jobs versus socioeconomic trends. Contemporaneous correlation among selected variables needs to be controlled with reduced forms and SES techniques. But all explanatory variables except distance from some unchanged point are determined simultaneously. Predetermined variables control for this double-endogeneity issue. Land values in 1990 have a U-shape with respect to distance from the U.S. Capitol Building after controlling for other variables. The data indicate that this is the result of demographic changes rather than the development of suburban employment nodes: polycentric SUE theory is rejected. Land values are an increasing function of lagged land values, a decreasing function of work at home. Moreover, work at home is attracted by low structural density and high socioeconomic status as well as low land values. This supports the argument that demographics and technological innovations have shaped the land-value surface; baby boomers are seeking low-density housing for work and family life. Copyright 2001 by Kluwer Academic Publishers

Suggested Citation

  • Clapp, John M & Rodriguez, Mauricio & Pace, R Kelley, 2001. "Residential Land Values and the Decentralization of Jobs," The Journal of Real Estate Finance and Economics, Springer, vol. 22(1), pages 43-61, January.
    • Handle: RePEc:kap:jrefec:v:22:y:2001:i:1:p:43-61
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    Cited by:

    1. Yiu, C.Y. & Tam, C.S., 2007. "Housing price gradient with two workplaces -- An empirical study in Hong Kong," Regional Science and Urban Economics, Elsevier, vol. 37(3), pages 413-429, May.
    2. Valerie Grossman, Enrique Martínez-García, Luis Bernardo Torres, and Yongzhi Sun, 2019. "Drilling Down: The Impact of Oil Price Shocks on Housing Prices," The Energy Journal, International Association for Energy Economics, vol. 0(Special I).
    3. Li, Tiebei & Dodson, Jago, 2020. "Job growth, accessibility, and changing commuting burden of employment centres in Melbourne," Journal of Transport Geography, Elsevier, vol. 88(C).
    4. Liv Osland & Inge Thorsen, 2009. "Predicting housing prices at alternative locations and under alternative scenarios of the spatial job distribution," Letters in Spatial and Resource Sciences, Springer, vol. 2(2), pages 133-147, October.
    5. Liv Osland & Kenneth Gibb & Gwilym Pryce, 2011. "Inequalities in Access to Employment and the Impact on Wellbeing: A Criterion for Spatial Planning?," ERSA conference papers ersa10p717, European Regional Science Association.
    6. Myung‐Jin Jun, 2009. "Economic Impacts Of Seoul'S Job Decentralization: A Metropolitan Input–Output Analysis," Journal of Regional Science, Wiley Blackwell, vol. 49(2), pages 311-327, May.
    7. Hernán Enríquez Sierra & Jacobo Campo Robledo & Antonio Avendaño Arosemena, 2015. "Relaciones regionales en los precios de vivienda nueva en Colombia," Revista Ecos de Economía, Universidad EAFIT, vol. 19(40), pages 25-47, June.
    8. Yiu, Chung Yim, 2011. "A spatial portfolio theory of household location choice," Journal of Transport Geography, Elsevier, vol. 19(4), pages 584-590.
    9. Jeremy Gabe & Spenser Robinson & Andrew Sanderford, 2022. "Willingness to Pay for Attributes of Location Efficiency," The Journal of Real Estate Finance and Economics, Springer, vol. 65(3), pages 384-418, October.

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